Quotation of the Day…

… is from page 167 of W.H. Hutt’s essay “The Factory System of the Early Nineteenth Century,” which is Chapter 5 of F.A. Hayek’s 1954 edited collection, Capitalism and the Historians[2] (original emphasis):

One of the main social results of the factory regime seems to have been the evolution of the idea of a wage contract, replacing the former idea of servitude.